Elucidate raised $8 million in a funding round led by AV8 Ventures.

Elucidate, a Berlin, Germany-based developer of solutions for financial crime risk quantification, raised $8 million in a seed funding round.

The money was raised from investors led by AV8 Ventures and joined by Elevator Ventures, the corporate venture capital entity of Raiffeisen Bank International, APEX Ventures, Frontline Ventures, Big Start Ventures and SixThirty Ventures.

Elucidate, founded in 2018 by Filipe Garcia and Shane Riedel, offers a SaaS platform for the standardised quantification, measurement and reporting of FinCrime risk. The tool, called EFI (Elucidate’s FinCrime Index), is the industry’s only regulated financial crime risk tool and uses probability and machine learning to predict and prevent FinCrime before it happens. The company's SAAS is currently utilised by over 2,700 financial institutions, providing risk scores for users across five continents.

Elucidate previously raised a €2.5 million pre-Series-A funding led by Frontline Ventures in 2021, that complimente a similar raise of €2.5 million announced in the summer of 2020.